The chief investment officer (CIO) of privately owned Macau junket business Suncity Group has been appointed a non-executive director of Summit Ascent Holdings, a Hong Kong-listed investor investing in Russian Far East casinos.

Andrew Lo Kai Bong, pictured, will not be paid but will be paid out-of-pocket, according to Wednesday’s filing. Lo is controlled by Alvin Chow Chuck Wah, founder of Suncity Brands, and is also the executive director of Hong Kong-listed Suncity Group Holdings, which has an interest in several casino projects outside of Macau, including Vietnam and Cambodia.

Mr. Law’s role in Summit Ascension is for three years until December 11, 2021, with automatic renewal options for three years under the Hong Kong Exchange’s board rules.

“We are responsible for corporate management, mergers and acquisitions, and we have extensive experience in the gaming industry,” Summit Ascent said in a filing from the Suncity brand.

Summit Accent’s casino resort Tigre de Crystal is near the Russian Pacific port of Vladivostok and has been touted by its promoter for its short flight times in large swaths of North Asia, home to casino gambling keen consumers.

Gaming operating revenue rose 4.4% year-on-year to HK$190.7 million ($24.4 million), according to an interim report released in mid-September by Summit Ascent. However, rolling chip volumes declined in the VIP business. Rolling chip sales in the first half of 2018 were HK$6.51 billion, down 22.6% year-on-year.

The company said in an interim report that it was “increasingly under pressure to demand higher levels of rebates” from junket agents who now work at Tigre de Crystal. “Instead of bowing to that pressure, we have decided to focus our efforts on developing our own premium bulk gambling business,” Summit Ascent said.

Tigre de Cristal is the only casino property currently operating in the integrated entertainment zone (IEZ), a casino development area located 50 km (31 miles) from Vladivostok. The Maritime Development Corporation, a government-owned company under the Ministry of Tourism, is promoting the Maritime Province IEZ.

Stylianos Tsifetakis, Russia’s chief operating officer at Summit Accent, recently told GGRAsia that Tigre de Cristal is planning “a major expansion” through the opening of the second phase of Tigre de Cristal.

The first phase of Phase 2 is to invest $250 million to $300 million by adding hotel rooms, gaming venues, conference spaces and restaurants, and large shopping malls, according to the company. The company is aiming to open in late 2020 or early 2021. The entire Phase 2 will cost $500 million, according to Summit Accent.

BY: 우리카지노탑

Leave a Reply

Your email address will not be published. Required fields are marked *